Wells Fargo Rolls Out a NEW Loan Program : Community Development Mortgage Program (CDMP)

The only loan type out there with NO down payment is a USDA loan.  The problem with those loans is:  you can't get a USDA loan in an urban or suburban area.  The next loan up from there requires a 3.5% down payment with a HUGE PMI (mortgage insurance) premium tacked on to it for the life of the loan, often adding $100+ to your monthly bill.  BUT now there is a new loan program out there being rolled out by Wells Fargo.  This is the email I just received from one of my preferred lenders and it reads:

Help more homebuyers achieve their home financing goals 
With our Community Development Mortgage Program 


The Wells Fargo Community Development Mortgage Program(CDMP) is designed to make homeownership more attainable for low-to-moderate income buyers. 

Homebuyers can benefit from: 

Down payment as little as 2% 
Lower out-of-pocket costs 
Allowable down payment and closing cost assistance 
Fixed-rate payment stabilty 
NO PMI 

Homebuyers may qualify at 80% or below Area Median Income limits with a single 42% debt-to-income ratio. 

Owner occupied only. 


Call or email me if you need any further information and I will put you in contact with the right people.  This is GREAT news for homebuyers with little or no $$$$- hurry before the home prices and interest rates go up again!